Second Amendment to Employment Agreement between Umpqua Bank and Tory Nixon

Contract Categories: Human Resources › Employment Agreements
Summary

Umpqua Bank and Tory Nixon have amended their original employment agreement, effective January 1, 2019. The amendment changes the severance benefit to provide twelve months of base salary if Mr. Nixon is terminated without cause or for good reason. It also updates the payment schedule for benefits in the event of a change in control, specifying that these will be paid in equal installments over eighteen months. All other terms of the original agreement remain unchanged.

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EX-10.4B 3 umpq-2018123110kxex104b.htm SECOND AMENDMENT TO EMPLOYMENT AGREEMENT WITH TORY NIXON Exhibit


SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement (the “Amendment”) is dated effective January 1, 2019 and amends the Employment Agreement by and between Umpqua Bank (“Umpqua”) and Tory Nixon (“Officer”) dated as of November 23, 2015 (as previously amended, the “Employment Agreement”).

The parties agree as follows:

1.    SEVERANCE. The first sentence of Section 9 of the Employment Agreement is amended to change the Severance Benefit and is replaced with the following: “In the event of Termination Without Cause or Termination for Good Reason, in addition to receiving Earned Compensation, Officer will receive a severance benefit equal to twelve months Base Salary (the ‘Severance Benefit’).”

2.    CHANGE IN CONTROL. The second sentence of Section 10 of the Employment Agreement is amended to change the period over which the Change in Control Benefit is paid and is replaced with the following: “Subject to Section 12.3 below, the Change in Control Benefit shall be paid in equal installments over eighteen months, starting on the next regular payday following termination.”

3.    EFFECT OF AMENDMENT. Except as specifically set forth herein, the Employment Agreement shall continue in full force and effect as written.

4.    DEFINED TERMS. Capitalized terms not otherwise defined in this Amendment have the meanings set forth in the Employment Agreement.

UMPQUA BANK


By:    /s/ Sheri Burns
Title:    EVP/Chief People Officer

OFFICER

    
/s/ Tory Nixon    
Tory Nixon

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